Barchart Morning Call
Barchart.com - Fri Feb 10, 6:33AM CST
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.10%) are up +0.07% at a new record nearest-futures high on optimism President Trump's pledge to overhaul business taxes will boost economic growth. Stocks also received a boost after Chinese trade data showed China's Jan exports and imports rose more than expected, a positive sign for the global economy. European stocks erased their gains and are down -0.33% as bank stocks sold-off on political risks from French presidential elections in April along with Greek debt concerns. Asian stocks settled higher: Japan +2.49%, Hong Kong +0.21%, China +0.42%, Taiwan +0.79%, Australia +0.99%, Singapore +0.66%, South Korea +0.36%, India +0.02%. China's Shanghai Composite posted a 1-3/4 month high on signs of strength in China's economy after China Jan exports rose +7.9% y/y, the biggest increase in nearly 2 years and China Jan imports rose +16.7% y/y, the largest gain in 4-years. Japan's Nikkei Stock Index climbed to a 2-week high as exporter stocks rallied on improved earnings prospects as USD/JPY moved up to a 1-week high.
The dollar index (DXY00 +0.21%) is up +0.11% at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.17% at a 1-1/2 week low. USD/JPY (^USDJPY) is up +0.18% at a 1-week high.
Japan Jan PPI rose +0.6% m/m and +0.5% y/y, stronger than expectation of +0.2% m/m and unch y/y with e +0.5% y/y gain the largest year-on-year increase in 1-3/4 years.
The China Jan trade balance widened to a $51.35 billion surplus, larger than expectations of +$48.50 billion and the biggest surplus in a year. Jan exports rose +7.9% y/y, stronger than expectations of +3.2% y/y and the largest increase in 23 months. Jan imports climbed +16.7%, stronger than expectations of +10.0% y/y and the biggest increase in 4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jan import price index (expected +0.3% m/m and +3.3% y/y, Dec +0.4% m/m and +1.8% y/y), (2) preliminary-Feb University of Michigan U.S. consumer sentiment index (expected -0.5 to 98.0, Jan +0.3 to 98.5), (3) Jan monthly budget statement (expected +$45.0 billion, Dec -$27.5 billion), (4) President Trump and Japanese Prime Minister Abe meet in Washington.
Notable S&P 500 earnings reports today include: Interpublic (consensus $0.67), Ventas (1.02), Aon (2.49), CBRE Group (0.81).
U.S. IPO's scheduled to price today: none.
Equity conferences: none.
OVERNIGHT U.S. STOCK MOVERS
Activision Blizzard (ATVI +1.38%) jumped 10% in after-hours trading after it reported Q4 adjusted EPS of 92 cents, well above consensus of 73 cents, and its board authorized a $1 billion stock buyback over the next two years.
CyberArk Software Ltd (CYBR +2.90%) dropped over 3% in after-hours trading after it said it sees full-year EPS of $1.20-$1.24, weaker than consensus of $1.34.
Ellie Mae (ELLI -0.67%) climbed 5% in after-hours trading after it reported Q4 adjusted EPS of 57 cents, better than consensus of 49 cents.
VeriSign (VRSN -0.06%) gained 1% in after-hours trading after it reported Q4 adjusted EPS of 92 cents, higher than consensus of 88 cents.
Seattle Genetics (SGEN +2.11%) slid over 4% in after-hours trading after it said it sees 2017 revenue of $405 million-$445 million, below consensus of $490.5 million.
Columbia Sportswear ({=COLM =}) rose 4% in after-hours trading after it reported Q4 EPS of $1.20, above consensus of $1.10.
Monolithic Power Systems (MPWR -1.00%) slid nearly 7% in after-hours trading after it said Q4 revenue for consumer end market fell to $38 million from $38.6 million y/y, the first year-on-year decline in consumer revenue in over a year.
Trivago (TRVG +0.61%) jumped over 7% in after-hours trading after Expedia said Trivago's Q4 revenue surged +65% y/y to $183 million.
Yelp (YELP +0.19%) tumbled 9% in after-hours trading after it said it sees Q1 revenue of $195 million-$199 million, less than consensus of $204.4 million.
Cliffs Natural Resources (CLF +19.43%) fell 4% in after-hours trading after it announced an offering of 50-million common shares.
Hortonworks (HDP +2.83%) jumped 8% in after-hours trading after it said it sees 2017 GAAP revenue of $235 million-$240 million, above consensus of $234.8 million.
Regal Entertainment Group (RGC +1.16%) gained over 2% in after-hours trading after it reported Q4 adjusted EPS of 33 cents, higher than consensus of 26 cents.
MagnaChip Semiconductor (MX -2.96%) lost 3% in after-hours trading after it said it sees Q1 revenue of $157 million-$163 million, less than consensus of $166.5 million.
Control4 Corp. (CTRL +2.94%) rallied nearly 7% in after-hours trading after it reported Q4 adjusted EPS of 31 cents, better than consensus of 24 cents, and then said it sees 2017 adjusted EPS of 90 cents-98 cents, higher than consensus of 85 cents.
Radisys (RSYS +0.24%) sank nearly 15% in after-hours trading after it said it sees 2017 adjusted EPS of 7 cents-17 cents, below consensus of 25 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.10%) this morning are up +1.50 points (+0.07%) at a new all-time nearest-futures high. Thursday's closes: S&P 500 +0.58%, Dow Jones +0.59%, Nasdaq +0.30%. The S&P 500 on Thursday posted a new all-time high and settled higher on an unexpected -12,000 decline in U.S. weekly initial unemployment claims to a 2-3/4 month low of 234,000 (versus expectations of +3,000 to 249,000) and on President Trump's comment that he will announce a "phenomenal" tax plan within weeks, which bolstered optimism his tax plans will boost economic growth.
Mar 10-year T-notes (ZNH17 -0.14%) this morning are down -5 ticks. Thursday's closes: TYH7 -14.00, FVH7 -8.50. Mar 10-year T-notes on Thursday closed lower on the -12,000 decline in initial unemployment claims to a 2-3/4 month low and on reduced safe-have demand with the rally in stocks to new record highs.
The dollar index (DXY00 +0.21%) this morning is up +0.11 (+0.11%) at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.0018 (-0.17%) at a 1-1/2 week low. USD/JPY (^USDJPY) is up +0.20 (+0.18%) at a 1-week high. Thursday's closes: Dollar index +0.37 (+0.37%), EUR/USD -0.0043 (-0.40%), USD/JPY +1.32 (+1.18%). The dollar index on Thursday closed higher on the unexpected decline in U.S. weekly jobless claims to a 2-3/4 month low, which bolsters the case for additional Fed rate hikes, and on optimism that the Trump administration will enact fiscal policies to boost economic growth after President Trump said he will announce a "phenomenal" tax plan within the next 2-3 weeks.
Mar WTI crude oil prices (CLH17 +1.25%) this morning are up +47 cents (+0.89%) and Mar gasoline (RBH17 +1.80%) is +0.0234 (+1.49%). Thursday's closes: Mar crude +0.6 (+1.26%), Mar gasoline +0.0020 (+0.13%). Mar crude oil and gasoline on Thursday closed higher on comments from Qatar Energy Minister Mohammed Al Sada who said OPEC may need to extend its output cuts into the second half of this year to re-balance the market. Gains in crude were limited due to a stronger dollar.
GLOBAL EVENT CALENDAR02/10/2017
| Friday, Feb 10 | ||
| US | 0830 ET | Jan import price index expected +0.3% m/m and +3.3% y/y, Dec +0.4% m/m and +1.8% y/y. |
| 1000 ET | Preliminary-Feb University of Michigan U.S. consumer sentiment index expected -0.5 to 98.0, Jan +0.3 to 98.5. | |
| 1400 ET | Jan monthly budget statement expected +$45.0 billion, Dec -$27.5 billion. | |
| n/a | President Trump and Japanese Prime Minister Abe meet in Washington. | |
| Monday, Feb 13 | ||
| US | 1100 ET | USDA weekly grain export inspections. |
U.S. STOCK CALENDAR02/10/2017
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Interpublic Group of Cos | IPG US | Bf-Mkt | Q4 2016 Earnings Release | Q4 2016 | 0.665 |
| Ventas Inc | VTR US | Bf-Mkt | Q4 2016 Earnings Release | Q4 2016 | 1.024 |
| Aon PLC | AON US | 6:30 | Q4 2016 Earnings Release | Q4 2016 | 2.493 |
| CBRE Group Inc | CBG US | 6:59 | Q4 2016 Earnings Release | Q4 2016 | 0.806 |
| Aon PLC | AON US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Interpublic Group of Cos | IPG US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| CBRE Group Inc | CBG US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Ventas Inc | VTR US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Mohawk Industries Inc | MHK US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| DENTSPLY SIRONA Inc | XRAY US | Q4 2016 Earnings Release | Q4 2016 | 0.652 | |
| Accenture PLC | ACN US | Annual General Meeting | Y 2017 |
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